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Freddie Mac Updates Single-Family Selling Requirements Due to California Wildfires

The California wildfires have devastated homes and communities far beyond comprehension. With families now displaced from homes and looking to rebuild or purchase a new place to call home, Freddie Mac has introduced temporary selling requirements.

Freddie Mac stated that they would like to help borrowers who were impacted by the wildfires and help them with any further assistance they would need to get back on track.

"In support of this commitment, we’re providing you with underwriting guidance and flexibilities to assist you in originating and selling impacted mortgages to Freddie Mac," according to the company's week in review.

"With Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-24 [PDF] we're extending the temporary selling requirements previously announced in Guide Bulletins 2017-16 [PDF], 2017-19 [PDF] and 2017-2021 [PDF] to mortgages secured by properties located in Eligible Disaster Areas impacted by wildfires in California."

The review reveals that the updates relate to "age of documentation requirements, special collateral requirements and guidance, property inspection fees and system updates."

To find out more about the updates and how they may apply to you, click on the image above. Stay tuned for more updates to Freddie Mac.

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